The Euro once again finds itself at the centre of attention on another busy day in the currency markets. Unconfirmed talk that the Dubai government is going to help Dubai World with a $5bn bailout helped buoy currency markets, and dovish comments from the San Francisco Federal Reserve President helped push the Dollar lower.

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Market News

  • San Francisco Federal Reserve President Janet Yellen suggested that any chance of a US rate hike was remote
  • Ben Bernanke is scheduled to start his two day testimony tomorrow, with attention likely to focus on future interest rate policy
  • The latest Ifo sentiment index fell to 95.2. Most analysts expected the index to record a rise to 96.4
  • Mervyn King, Governor of the Bank of England, reiterated that the recovery in the UK remains fragile, and the UK may have to return to quantative easing.

Major Economic News

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MARKET DATA

1500

US CONSUMER CONFIDENCE